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(Aim: Bpc) the Bahamas: a Giant Oil Province in the Making

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(Aim: Bpc) the Bahamas: a Giant Oil Province in the Making (AIM: BPC) THE BAHAMAS: A GIANT OIL PROVINCE IN THE MAKING Investor Presentation April 2011 Isle of Man Head Office: IOMA House Hope Street Douglas Bahamas Petroleum Company Plc 2D Seismic Tel: +44 1624 647883 Acquisition 2011 Email: [email protected] Website: www.bpcplc.com Important Notice This presentation (“Presentation”) has been prepared by Bahamas Petroleum Company Plc (the “Company”) solely for its use at informational meetings relating to the proposed placing by the Company and is being delivered for information purposes only to a limited number of persons. By attending the meeting where this Presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This Presentation has not been independently verified by FirstEnergy Capital LLP, Novus Capital Markets Limited or Canaccord Financial Inc. (together, the “Agents”). The Presentation does not purport to contain all information that a prospective investor may require. While the information contained herein has been prepared in good faith, neither the Company nor its shareholders, directors, officers, agents, employees, or advisors (including the Agents) give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any potential placee or its advisers (all such information being referred to as “Information”). So far as permitted by law, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers (including the Agents) take any responsibility for, or will accept any liability in respect of, the accuracy, reliability or completeness of the Information or for any loss, howsoever arising from the use of this Presentation. In furnishing this Presentation, the Company does not undertake any obligation to provide any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. The Information is confidential information and the property of the Company. It is made available strictly for the purposes referred to above. The Information and any further confidential information made available to any recipient must be held in complete confidence and documents containing such information may not be reproduced directly or indirectly, used or disclosed without the prior written consent of the Company. By accepting delivery of this Presentation, the recipient agrees to return it at the request of the Company. This Presentation should not be considered as the giving of investment advice by the Agents, the Company or any of its shareholders, directors, officers, agents, employees or advisors. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Some statements contained in this Presentation or in documents referred to in it are or may be forward-looking statements, including, but not limited to, statements as to future operating results, reserves, work plans and potential acquisitions and contracts. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “anticipates”, “aims, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets”. Such statements reflect the Company’s current views with respect to future events and are subject to risks, assumptions, uncertainties and other factors beyond the Company’s control that could cause actual results to differ from those expressed in such statements. Although the Company believes that such forward-looking statements, which speak only as of the date of this Presentation, are reasonable, no assurance can be given that they will prove to be correct. Actual results may differ from those expressed in such statements, depending on a variety of reasons. Therefore, you should not place undue reliance on these statements. The development and production plans and estimates set out herein represent the current views of the Company's management. The Company’s Board reviews the production estimates on an ongoing basis. All planning is subject to available funding and capital allocation decisions. There can be no assurance that the results and events contemplated by the forward-looking statements contained in this Presentation will, in fact, occur. The Company and the Agent will not undertake any obligation to release publicly any revisions to these forward- looking statements to reflect events, circumstances or unanticipated events occurring after the date of this Presentation, except as required by law or by any appropriate regulatory authority. Nothing in this Presentation or in documents referred to in it should be considered as a profit forecast. Past performance of the Company or its shares cannot be relied on as a guide to future performance. This Presentation does not constitute, or form part of or contain any offer or invitation to sell or issue, or any offer to subscribe for, underwrite or otherwise acquire, or dispose of, any securities in the Company in any jurisdiction and is directed at, and is only for distribution to, persons in member states of the European Economic Area who are “qualified investors” within the meaning of Article 2(1)(e) of the European Prospectus Directive 2003/71/EC (or who are persons to whom it may otherwise be lawfully communicated). [In addition, other than to a limited number of persons reasonably believed to be qualified institutional buyers (as defined in Rule 144A under the U.S. Securities Act of 1933, as amended) (the "Securities Act") or ”accredited investors” (as such term is defined in National Instrument 45-106 - Prospectus and Registration Exemptions), neither this Presentation nor any part of or copy of it may be taken or transmitted, directly or indirectly, into the United States of America or Canada or distributed or re-distributed directly or indirectly, in the United States of America, its territories or possessions, or Canada, or to any resident thereof except in compliance with applicable securities laws. Any failure to comply with these restrictions may constitute a violation of applicable U.S. or Canadian securities laws. This presentation and the information contained herein do not constitute an offer of securities for sale in the United States. The Company’s securities have not been, nor will they be, registered under the Securities Act and may not be offered or sold in the United States except to qualified institutional buyers (as defined in Rule 144A) in reliance on Rule 144A or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. By accepting this Presentation, the recipient represents and warrants that it is a person to whom this Presentation may be delivered or distributed without a violation of the laws of any relevant jurisdiction. This Presentation is not to be disclosed to any other person or used for any other purpose and any other person who receives this Presentation should not rely or act upon it. The delivery or distribution of this Presentation in or to persons in certain jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. In particular, this Presentation has not been approved by an authorised person pursuant to Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) and accordingly it is being delivered in the United Kingdom only to persons to whom this Presentation may be delivered without contravening the financial promotion prohibition in Section 21 of the FSMA. Those persons are described in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“Order”) and include persons who have professional experience in matters relating to investments and who fall within the category of person set out in the Article 19 (investment professionals) of the Order or high net worth bodies corporate, unincorporated associations or partnerships and trustees of high net worth trusts as described in Article 49 of the Order. Any investment activity to which this Presentation relates in the United Kingdom is available to, and will only be engaged with such persons and this Presentation should not be acted or relied upon in the United Kingdom by persons of any other description. This Presentation has not been approved as a prospectus by the UK Financial Services Authority ("FSA") under Section 87A of FSMA and has not been filed with the FSA pursuant to the United Kingdom Prospectus Rules. No offer of securities in the Company is being or will be made in the United Kingdom in circumstances which would require such a prospectus to be prepared. The Agents are acting exclusively for the Company and no one else in connection with the proposed placing and will not regard any other person (whether or not a recipient of this document) as a client in relation to such matters and will not be responsible to any other person for providing the protections afforded to its clients, or for providing advice in connection with the proposed placing, or any other matters referred to in this document. This Presentation has been prepared in compliance with English law and English courts will have exclusive jurisdiction over any disputes arising from or connected with this Presentation. 2 Google Image showing Bahamas Petroleum Company Awarded Licences and Licence Applications 3 Bahamas Petroleum Company Group Overview . Formed in 2005 and listed on the AIM market in Sept 2008 (reverse takeover) − Current market capitalisation is approx. US$399 million (GBP£249 million) as at 15/04/11 (BPC: AIM) − First oil company to conduct new work in the highly prospective southern Bahamas region since 1987 .
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